A new free money management app designed to transform the way students manage their finances has been launched today by Leading financial wellbeing platform, Blackbullion, has launched a free money management app to change the way students manage their finances while studying. The app, the first of its kind, helps students navigate their financial independence (17-27 year olds) with confidence, allowing them to focus on their academic studies and wellbeing.
As the student budget deficit increases year on year and the cost-of-crisis living continues to negatively impact university experiences, Blackbullion’s Student Money and Wellbeing Report found that students need £548 extra a month to confidently feel they can complete their degree. The report also found that nine out of 10 students (87%) are worried about money; 58% say worrying about finances negatively impacts their mental health; almost one in 10 (9%) of students surveyed have considered or have dropped out of university in the last 12 months as a direct result of the cost-of-living crisis.
By connecting the app to their bank account, students can better predict and manage their budgets to minimise overwhelm and support financial wellbeing. Its unique Money Monday feature offers a weekly money check-in, to discourage students from either avoiding their finances altogether or obsessive money tracking.
Blending practical tools, and financial learning, Blackbullion’s new app includes:
- A Spending Calendar with a bird’s eye view of term-time spending to help students manage their expenses in one place
- Money Monday prompts to simplify budget management meaning students can review and plan weekly spends with no spreadsheets
- Bullions rewards incentivising students to embrace positive money habits. Students can collect bullions to boost emergency funds, win cash prizes and receive discounts
Designed solely around the specific financial circumstances of students, Blackbullion’s app factors in elements such as student loans dropping once per term and term-time spending to help students better manage finances.
“We know just how detrimental financial worries are to students’ mental health – now more so than ever. It’s important that young people feel less scared and overwhelmed about managing their money day-to-day. They need peace-of-mind to make it to the end of the month or their next loan instalment so they can focus on their studies and enjoy their university experience,” says Vivi Friedgut, CEO and founder of Blackbullion.
“While our students are already savvy when it comes to the latest fintech tools, their overall financial wellbeing is worryingly low. This is because they lack both sufficient funds to cover the essentials and financial confidence. Backbullion’s app aims to close this gap – bringing together the resources, understanding and confidence they need now.”
Following an initial launch to Blackbullion’s existing community of over 160k students across partner UK universities, the free app is available from the App Store.